Live Oak Bancshares Inc. reported third-quarter net earnings of $3.9 million, a nearly 73 percent drop from its third quarter last year.

Like Oak Bancshares, the parent company of Live Oak Banking Company, is a financial holding company based in Wilmington. The company release earnings in a statement after-market Wednesday.

The company missed estimates, reporting earnings of nine cents per share for the third quarter, compared to the average analyst estimate of 12.5 cents per share. This average prediction came from the two analysts’ estimates available on Bloomberg.

Live Oak Bancshares reported earnings of 34 cents per diluted share for the third quarter of 2018

Chief Executive Officer James Mahan said in a press release that the company left the third quarter with recurring revenue growth of 26 percent, though the company’s loan and lease originations increased 49 percent from a year ago.

Live Oak Bancshares’ total loans and leases for the third quarter were $3.3 million, up from $2.3 million last year.

“In addition to our core banking activities, we maintained our focus on changing the infrastructure of the financial industry to deliver more compelling products and services through technological innovation,” Mahan said in the press release.

Live Oak Bancshares shares closed at $18.50 per share Wednesday, up one cent.